Did you know that the amount spent on treatment for specific diseases for you or your dependant family member can offer tax rebates up to Rs 40,000? In addition, opting for medical cover also helps a great deal. Most investors run helter-skelter at the last moment, seeking suitable investment options for tax exemptions. This is grossly inappropriate. It is advisable to have a relook at your investment portfolio at the beginning of every financial term, with an eye towards tax rebates and exemptions. We look at a few available options here.
Measures to Take for Tax Exemptions
Begin by having a separate tax file for each member of the family, irrespective of whether he or she has her own income or not. At times, gifts, like real estate for instance, can also be taxable. Having individually assigned tax files will help in keeping things sorted. In addition, consider the following:
• Try to Make the Most of 80C: Exemptions under sections of 80C can be availed through various investments. You can plan to put money in a Public Provident Fund, National Savings Certificate, Life Insurance policies, Equity Linked Schemes, fixed deposits for 5 year terms kept in post offices or banks, and also for tuition fees paid for the education of children for up to 2 kids.
• Deductions for House Rent Allowance: In case your company does not offer you HRA, you can claim exemptions under section 80GG. This exemption could amount to either 25% of your total income, an income of Rs 2,000 each month and the excess rent paid over 10% of your total income. However, if your child or spouse owns a house in the same city, you cannot avail these exemptions. In case your company pays HRA, the same can be considered for exemption. Alternative exemptions include the actual rent paid, less 10% of salary, or 50% of basic salary for metro cities and 40% of basic salary for non metro cities.
• Choose Medical Insurance: Opting for medical cover for you and your family can save you tax. And the budget for 2015 has ushered in more good news for those paying hefty health insurance premiums. The limit of exemption has been increased from Rs 15,000 to Rs 25,000 for general buyers. For senior citizens, this amount has been increased from Rs 20,000 to Rs 30,000. If you fall in the highest 30% tax bracket, you can opt for an additional deduction of Rs 10,000, which will reduce your tax liability by a total of Rs 30,090.
Irrespective of your choices, including medical cover, equity linked saving schemes or life insurance, the allocation of funds has to be planned well in advance.
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